Todd,
There are a number of reasons people thin.
1. Keep the heavy fruit load from breaking limbs and damaging the trees.
2. Keep young trees focused on getting bigger rather than fruit. Heavy fruiting on a young tree could stunt it.
3. When bears are a problem, removing apples keeps bears out of young trees they might break and destroy.
4. Keep annual production on varieties that tend to go biennial. Set a bumper crop one year and much less the next.
5. Increase fruit size, fewer marketable fruit vs lots of smaller apples
I am mostly concerned with the 1st two. I have trees that were planted 2 years ago. A few fruited last year and I thinned to one or two apples. This year I thinned as I pruned, stripping off some fruit buds from trees that had them. I left a few on certain limbs in hopes the weight pulls the branch down to a better position. I left more on the more dwarfing rootstock I have. I will go through and thin by hand later on if I missed too many. It is already tough to thin by hand as some are 10 to 12ft tall. As they get bigger, I'll just see what happens. Thin in summer with a pole fruit picker if a tree looks like it will break.